Public-to-private transactions (P2Ps) underwritten by private credit give a rare glimpse into that most closely guarded of documents: a private credit term sheet. This week, the term sheet backing Ares’ take private of wealth manager Gresham House was made public, and wasn’t it a balm following years of hoiked leverage, depressed pricing and stripped back lender protections.

Not only was the pricing (S+700 bps) generous for the opening leverage (4.5x), but the documents included, among other things, MFN protection genuinely worth the paper it was written on, covenants, a decent pre-payment fee, and that most hallowed of items — tight definitions around EBITDA.